Yirenkyi joined Coventry City from Danish club Nordsjaelland during the summer for a reported £23.1 million and has already been given an important role by Lampard.
The 20-year-old has started three of Coventry's opening five Premier League matches and has also made two appearances from the bench.
Although recruited primarily as a midfielder, Yirenkyi was deployed at right wing-back in Coventry's most recent match against Nottingham Forest.
With Milan van Ewijk injured and Kaine Kesler-Hayden recovering from a hamstring problem, Lampard turned to Yirenkyi to fill the position.
The decision paid off as Coventry secured a 1-0 victory at Forest, their first Premier League win of the season.
Lampard was aware that Yirenkyi had already played in the position for Ghana.
“Yeah, I'm aware that he's played there for Ghana,” Lampard said.
Yirenkyi had been away with the national team during the international break and played the full 90 minutes of Ghana's 2-0 Africa Cup of Nations qualifying victory over Ivory Coast.
Lampard stressed, however, that Coventry's long-term plan remains to develop Yirenkyi as a midfielder.
“We brought him as a midfield player and that's what he will be for us, predominantly, because he's a big signing for us,” the Coventry boss explained.
“He's a young man and he'll get better, but what I like about him is his humility, which he has shown straight away, how he is around the place.”
That attitude has already impressed Lampard.
“With players like that, you ask him to do something and it's like, ‘No problem, what do you want me to do?’”
Lampard believes that willingness to adapt is particularly valuable for a young player adjusting to the Premier League.
“Some players don't like playing out of position as such but I did feel that his talents in terms of his running power, his qualities and I knew that he could step into midfield,” he said.
Yirenkyi's versatility could become an important asset for Coventry, particularly during periods when injuries affect the squad.
Lampard also believes the player has considerable room for development.
“We talked about some rotations and he got there and I think with good work and time in the Premier League that Caleb's going to get so much better because the raw attributes are so there that he can play in pretty much every position.”
The Coventry manager believes the club can now help Yirenkyi develop the tactical side of his game.
“We can work with him in terms of positional stuff and talking about things,” Lampard said.
“I think he's going to be a really high level player.”
Lampard was particularly pleased with the way the youngster responded to the challenge against Forest.
“So I really enjoy working with him and really pleased that he took on that role against Forest and I think he did it really well,” he said.
“And there's a lot more to come from Caleb.”
For Yirenkyi, the early weeks of his Premier League career have therefore already provided experience in several different roles.
Lampard's comments suggest Coventry see his versatility as an asset while continuing to develop him primarily as a midfielder.